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Russian Fuel Squeeze Deepens After Ukrainian Strikes, Even as Crude Exports Climb

Global prices softened after U.S. data showed a crude inventory build.

Overview

  • Russia extended a gasoline export ban through year-end and imposed a partial diesel export ban that also covers marine fuel and other gas oils.
  • Analytics firm Ciala estimated nearly 38% of Russian refining capacity offline at September’s end, driving shortages, long queues and rationing in more than 20 regions, including a 30‑liter cap in Crimea.
  • Despite refinery outages, September crude loadings from Primorsk, Ust-Luga and Novorossiisk rose about 25% from August, and four-week seaborne exports averaged roughly 3.62 million bpd, the highest since May 2024.
  • India imported about 1.61 million bpd of Russian crude in September—around one-third of its total—slightly below August as refiners diversify sources but keep discounted Urals central to their slate.
  • Oil traded near the mid‑$60s after the EIA reported a 1.8 million-barrel U.S. crude build, while markets track OPEC+ plans for a November quota increase that some analysts expect to be limited.